AOL has acquired video search startup Truveo as it bids to become a leading online video portal, while News Corp chairman Rupert Murdoch outlines his own online plans.

America Online has acquired web video search provider Truveo for an undisclosed figure. The small Californian company was previously privately held.

The deal was apparently closed the day after Google invested $1 billion for a 5% stake in AOL.

“Consumers across the web have eagerly anticipated a video search engine that offers relevant, up-to-the-minute, premium video results,” said Jonathan Miller, chairman and chief executive of America Online. He described Truveo as a “hidden gem in the video marketplace”.

“The next few years will see a dramatic increase in the amount of video available on the web,” said Truveo chief executive and co-founder Dr Tim Tuttle. “Truveo has spent the past two years assembling a world-class team and developing powerful technology uniquely capable of finding and indexing this vast amount of web video. We are excited to join AOL in building a comprehensive, robust, and unparalleled consumer video experience. We will bring together the best free portal on the web with the best video search engine on the web.”

AOL recently revealed its In2TV offering and an investment and partnership with online video distribution company Brightcove, as well as the partnership with Google.

Meanwhile, Rupert Murdoch has outlined plans to enter the high-speed internet market with wireless technology and to offer free video downloads on its recently acquired online community site MySpace. He expects the service to form the kernel of the online activity of News Corp.

Having recently, some might say belatedly, woken up to the threats and opportunities of online distribution, he said “Big companies like ours must change, and we are preparing ourselves for that.”

www.corp.aol.com
www.truveo.com